Purchasing your new home in Covina
Buying a home intimidates a lot of people, but it's not too hard with a bit of up-front planning.
So they'll know exactly what to expect, I'll give buyers an outline of the whole deal.
Here are my nine steps to buying a home.
When you're ready to get started, simply contact me here or e-mail me at . I'm happy to answer questions you have about this information.
Step 1 – Get ready to purchase a home
Prior to starting your home search, there are several things you need to take into account.
You'll most likely want to put together a checklist of must-haves, get an idea of what neighborhoods and school districts you'd like to live in, and begin working on your budget.
Keeping your mortgage payment less than or close to 1/3 of your net monthly income is a good principle to follow.
Step 2 – Communicate with a real estate agent
This is where I come in.
We can book a time to meet so we can talk about your real estate needs and get an idea of your plans for the future.
We'll talk about the mortgage industry, other economic factors that may potentially affect your buying decision today or in the future, as well as neighborhoods and school districts in the Covina area.
I can also help you get started on your loan.
There are some excellent mortgage professionals in Covina, and I partner with a lot of them, so you can rest assured that you're in great hands.
They can help you decide which type of loan is best for you, as well as help you get qualified.
Step 3 – Begin looking for a house
Following our initial meeting, I'll start looking for available homes on the market that meet your needs.
I'll get a sneak peek of most of the homes and eliminate the duds, and then we'll schedule appointments to view the homes at a time that's convenient for you.
When we view homes, I'll call attention to good features, as well as negative ones. I'll also ask you what things you like and dislike.
Most often, buyers revise their must-have list as we tour houses and some things become far more essential than others.
If that's the case, I'll go back through all the listings once more and trim it down to the house of your dreams.
Step 4 – Comprehend the housing market
My awareness of the Covina market is a leading agent in your home search. I'm mindful of all the neighborhoods and school districts, and I can let you know what neighborhoods are "hot" and demand immediate action and others that are "cool" and allow for thoughtful analysis.
When we tour houses, I'll make sure to communicate when the seller's asking price has room for bargaining and when I trust the home is "priced to sell."
Be on guard and make sure you ask plenty of questions, as any real estate agent will convince you they understand the housing market.
If things don't add up, call me at (626) 339-0697 or e-mail me at , and I'll be more than happy to answer any questions you may have. My market expertise will keep you a step above the rest throughout the entire deal.
Step 5 – Find your dream house
I'm positive we'll find the home of your dreams in Covina. When we do, I'll carefully develop your real estate purchase offer. The offer will be made to suit your needs and the home. We'll include many contingencies, such as obtaining financing, carrying out the home inspection, and a clean title.
When we send in your offer, most likely you'll need to present "earnest money." This is a cash deposit given to a home seller to secure the offer to purchase the property and is often applied to the cost of closing. If your offer is accepted, we should close on the home about 30 to 60 days after. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
Most contracts don't close on the beginning offer, and it's very common to receive a counter offer. Don't let this intimidate you. We'll discuss whether or not to consent to the counter offer, present our own counter offer, or decline the seller's offer and go on.
Market conditions will play a large role in how aggressively we negotiate the contract.
In addition, we'll work within your financing constraints. And when it's all said and done, we'll put together a contract that is best for you.
Step 7 – Secure your loan
After we sign the final sales contract, you'll begin working with your mortgage lender to close the loan.
This won't take long at all if you're already pre-qualified, but you should to stay in close contact with your lender.
And I'll handle all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your lender will give you a Loan Estimate (LE) detailing closing costs within three days of taking your loan application. You'll get a Loan Estimate (LE) outlining closing costs from your mortgage lender within three days of accepting your loan application.
This estimate is formed from the loan amount. RESPA requirements mandate that it has to include all closing costs and fall within a strict range of accuracy, and I'll analyze the estimate and let you know if it all looks permissible.
Then we'll close on your house. This will most likely occur at a title company or escrow office and will most often be a smooth and calm affair.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you have any questions, be sure to call me at (626) 339-0697 or e-mail me at .